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Major Intraday resistance -151.75
Intraday support- 150.65
GBPJPY surged sharply more than 200 pips on weak Japanese yen. The pound sterling gained against the US dollar after the Bank of England monetary policy. The central bank has kept its rates unchanged and downgraded growth projection. It has warned that inflation is likely to increase above 4%. It hits an intraday high of 151.73 and is currently trading around 151.17. The intraday trend of GBPJPY is bullish as long as support 150.69 holds.
USDJPY- Analysis
The pair is holding above 110 levels on upbeat market sentiment. The intraday trend is bearish as long as resistance 110.80 holds.
CCI Analysis-
Both CCI (50) and Woodies CCI is trading slightly below zero lines in 60 min. But bearish trend not confirmed.
Technical:
The pair's immediate resistance is around 151.75, any surge above targets 152/153/153.50. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 150.65. Any indicative violation below targets 150/149/148.40/148/147.40.
Indicator (Hourly chart)
Directional movement index –Neutral
It is good to buy on dips around 150.60-65 SL around 150 for a TP of 152/152.50.
